CannapharmaRx Pays Off Convertible Notes

Rhea-AI Summary

CannapharmaRx, Inc. (CPMD) successfully extinguishes convertible notes, avoiding stock dilution and protecting shareholder interests. The repayment strengthens the company's position and enhances flexibility for future growth.

CALGARY, AB / ACCESSWIRE / April 2, 2024 / CannapharmaRx, Inc. (OTC PINK:CPMD), a future leader in ultramodern, highly efficient cannabis production facilities announced today that it has extinguished convertible notes on the company. This transaction will avoid potential dilution of the company's stock and protect shareholder interests.

The notes, with 1800 Diagonal Lending, LLC and Janbella Group, LLC, were paid with cash generated primarily from debt financing from a different lender. The repayment of the notes strengthens the company and provides CannapharmaRx with increased flexibility moving forward to execute its strategy.

"CannapharmaRx is at an exciting operational inflection point. Months of hard work on business development has resulted in multiple multi-year agreements that will lead to strong growth for years to come. Removal of this toxic overhang was a high priority for the company, and we are looking forward to a valuation based on our strong fundamentals moving forward," commented Dean Medwid, CEO of CannapharmaRx.

About CannapharmaRx, Inc.
CannapharmaRx is focused on the acquisition and development of state-of-the-art cannabis grow facilities in Canada. CPMD is in discussion with other companies regarding potential acquisitions. CannapharmaRx's business strategy is to become a leader in high quality and low-cost production of cannabis through the development, acquisition, and enhancement of existing facilities. CannapharmaRx is committed to operating high-quality facilities utilizing the latest technology in combined heat and power generation to ensure being a low-cost producer of cannabis.

Safe Harbor Statement

Cautionary Note Regarding Forward-Looking Information or Statements
This press release contains forward-looking information or statements. All statements that are or information which is not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are 'forward-looking information or statements.' Forward-looking information or statements can be identified by the use of words such as 'plans,' 'expects,' or 'does not expect,' 'is expected,' 'estimates,' 'intends,' 'anticipates,' or 'does not anticipate,' or 'believes,' or variations of such words and phrases or statements that certain actions, events or results 'may,' 'could,' 'would,' 'might' or 'will' be taken, occur or be achieved. With respect to forward-looking information and statements contained herein, Management of CannapharmaRx has made numerous assumptions, including, among other things, assumptions about general business and economic conditions. Such forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, events, or developments to be materially different from any future results, events, or developments expressed or implied by such forward-looking information or statements. Readers are cautioned not to place undue reliance on such forward-looking information or statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking information or statements. CannapharmaRx assumes no obligation to update any forward-looking information or statements, even if new information becomes available as a result of future events, new information, or for any other reason except as required by law.

Contact Information:
Brokers and Analysts
Chesapeake Group
(410) 825-3930

SOURCE: CannaPharmaRx

View the original press release on accesswire.com

FAQ

What did CannapharmaRx announce regarding convertible notes?

CannapharmaRx announced the successful extinguishment of convertible notes, avoiding potential stock dilution and safeguarding shareholder interests.

How was the repayment of the notes funded?

The repayment of the notes was primarily funded with cash generated from debt financing from a different lender.

Who were the convertible notes paid to?

The notes were paid to 1800 Diagonal Lending, and Janbella Group,

What is the impact of repaying the notes on CannapharmaRx?

Repaying the notes strengthens the company and provides increased flexibility to execute its strategic plans.

What did Dean Medwid, CEO of CannapharmaRx, comment on the repayment of the notes?

Dean Medwid highlighted that the removal of the convertible notes was a high priority for the company, aiming for a valuation based on strong fundamentals moving forward.